Hygenco secures $105m to expand green hydrogen in India

It will back three to four new plants starting construction in 2026 to 2027.

Hygenco Green Energies has closed a $105m equity round from the International Finance Corporation (IFC), Siemens Financial Services and the Fullerton Carbon Action Fund, the first direct green hydrogen investment in India by all three institutions.

According to a press release, the funding will back three to four new plants starting construction in 2026 to 2027, scaling a Hydrogen-as-a-Service model already running at two operational commercial plants.

IFC is investing $25m from its own account, Siemens Financial Services is injecting $25m, whilst Fullerton Carbon Action Fund is committing up to $30m.

The remaining $25m will come from two IFC-managed blended finance facilities, which include $20 m from the Clean Technology Fund and $5m from the Frontier Opportunities Fund.

Hygenco aims to mobilise additional private sector investments at the asset-co level for the production of green hydrogen and green hydrogen derivatives.